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All Forum Posts by: Richard Murrray

Richard Murrray has started 3 posts and replied 11 times.

Quote from @Harrison Silverstein:

To answer your question $1k a month in passive income is completely doable, I just did that myself in 2 years.


PLEASE share the story

Yes, we are currently pursuing multiple deals, in state and out of state. 

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $405,000
Cash invested: $85,000
Sale price: $622,000

Sorry not the most active on any platform but thought I complete some of the projects I have gotten done in the past. Won't be list each one but this one was a great outcome. From the past, I did 1031 this into a duplex unit I am holding.

This was a fantastic fix and flip done correctly with quality workmanship and proper time involved to give the end user a quality home.

https://www.zillow.com/homedetails/4264-Feather-Ave-San-Diego-CA-92117/16913489_zpid/

How did you find this deal and how did you negotiate it?

Found this deal thru word of mouth and relationships. Negotiate it with giving the owner a free lease back for 3 months

How did you finance this deal?

A bridge loan or some banks call the them Pledged asset loan (PAL) Schwab

How did you add value to the deal?

Full rehab and add sq. ft. to the property

What was the outcome?

Sold it right as COVID hit... (wish I held)

Lessons learned? Challenges?

Relationships get you deals and the know how is learned with some hard work

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

This project made me get my RE license

L/O is pretty rare in SD but if you get one, simply get yourself in contact with a real estate lawyer they can help broker the deal but it will cost like Joseph said. hope that helps some

What I am lost, do you want to lease to own? Asking for legality of installment sale?  Or want to purchase?

I use class advisors, ask for chris Lamb 

Post: Thoughts on Unpermitted ADU

Richard MurrrayPosted
  • Posts 12
  • Votes 1

I agree with all the advice they have given you. Just comes down to what are you using the property for? Owner occupy or rental? Also financing the deal might get somewhat hairy with the lender and insurance. 

thanks adam feeling the same here just like to hear it from other investors 

So this is a investment/ flip I am very serious considering doing (already started escrow). the mls is 190048729

https://www.redfin.com/CA/San-Diego/6805-Fisk-Ave-92122/home/4895069

With a purchase price of 845k with 3500 closing costs

total remodel (done well) 96k

20k kitchen

15k (2) bath

10k flooring

12.5k paint/baseboard

7500 on windows and door (inc. pre hung interior)

13k roof

15k plumbing (needs epoxy reling to the main)

3k landscape

totalling 950k ish total cash outlay

anticipated sale is 1.1 mil

gross 150k

-minus seller fees 55k

and contingency 5k

making nice profit range 90k with a worst case sale price of 1,050,000 still in 40k ish

I guess my issue is being the 3rd deal I am on so far (usually the 500k range) the larger # make me post up for another viewpoint for my SD real estate pros to say this good or not. would love to hear from 2nd opinion look before we close.

TIA

San Diego Real Estate Forum